Browsing Articles by Author "Van Caneghem, Tom"
Can auditors mitigate information asymmetry in M&A's? An empirical analysis of the method of payment in belgian transactionsLuypaert, Mathieu; Van Caneghem, Tom (Auditing: A Journal of Practice and Theory, 2014)
Exploring the Double-Sided Effect of Information Asymmetry and Uncertainty in Mergers and AcquisitionsLuypaert, Mathieu; Van Caneghem, Tom (Financial Management, 2017)We examine the joint effect of bidder and target information asymmetry and uncertainty on the payment consideration and subsequent wealth effects in a large sample of acquisitions with both listed and private targets. In line with a risk-sharing argument, we find that acquisitions of targets characterized by higher uncertainty are more likely to be settled with stock. In contrast, higher target information asymmetry increases the likelihood of a cash payment, consistent with bidders strategically exploiting superior information. Acquirers of more opaque targets obtain a larger fraction of total acquisition gains and avoid sharing these gains with target shareholders by offering cash.
Financial statement filing lags: an empirical analysis among small firmsLuypaert, Mathieu; Van Caneghem, Tom; Van Uytbergen, Steve (International Small Business Journal, 2016)This article examines financial statement filing lags among a sample of Belgian small firms. Our results indicate that around one-third of small firm financial statements are filed late (after the legal deadline), but that monetary sanctions could be an effective tool to encourage compliance with legal deadlines. Whereas the deadline and late filing sanctions are filing incentives, various factors, such as firm size and presence of an external financial statement audit, also affect financial statement filing lags. Evidence indicated that extremely late filings were associated with lower financial statement quality.